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2012 (6) TMI 467 - HC - Income TaxDeduction u/s 80IC - Conditions - industrial undertaking - held that:- The words "profits and gains derived from Industrial Undertaking" occurring in section 80-IA of the Act were under consideration of this court in Liberty Shoes Ltd.'s case [2006 (8) TMI 163 (HC)]. - The assessee who was earning profit from business of trading activity or products of other con- cerns was held not to derive income from such industrial undertaking. Following the dictum laid down in Sterling Foods' case [1999 (4) TMI 1 (SC)] it was held that the assessee was not entitled to any benefit under the said provision. - Decided in favor of revenue.
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